We investigate nonequilibrium processes in magnetic nano-junctions employing a numerical approach, which combines classical spin dynamics with the hierarchical equations of motion technique for the quantum dynamics of the conduction electrons. Focusing on the spin dynamics, we find that the spin relaxation rates depend in a non-monotonous way on the coupling between the localized spin and conduction electrons, with a pronounced maximum at intermediate coupling strength. This result can be understood by analyzing the local density of states. In the case of a magnetic junction subject to an external dc-voltage, spin relaxation exhibits resonant features reflecting the electronic spectrum of the system. In addition, in multi-site junctions, spin relaxation is also influenced by electron localization.